Flat received in lieu of surrender of tenancy rights not taxable under section 56(2)(x)
The Assessee1 is an individual and carrying on the business commission agent related to chemical distribution.
The Assessee was allotted property with a stamp duty value of INR 11.69 Crores, under a Permanent Alternate Accommodation (PAA) agreement executed in March 2017. The flat was received in lieu of the surrender of tenancy rights in the old building which was being redeveloped.
